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Exhibit 99.1
AT EPIX MEDICAL AT FEINSTEIN KEAN HEALTHCARE
Michael Webb, CEO Francesca T. DeVellis or Julie Mosow
Pamela Carey, VP of Finance (617) 577-8110
and Administration and CFO E-mail: [email protected]
(617) 250-6012
NOT FOR IMMEDIATE RELEASE:
September 18, 2000
EPIX ANNOUNCES $45 MILLION EQUITY FINANCING ARRANGEMENT
CAMBRIDGE, MA, SEPTEMBER 18, 2000 -- EPIX Medical, Inc. (Nasdaq: EPIX), a
developer of specialty pharmaceuticals for magnetic resonance imaging (MRI),
today announced that it has entered into an agreement with Acqua Wellington
North American Equities Fund Ltd ("Acqua Wellington") for an equity financing
facility covering the sale of up to $45 million of the Company's common stock
over the next twenty eight months. These shares may be sold, at EPIX'
discretion, at a small discount to the market price of EPIX' shares at the time
of sale. The total amount of investment is dependent, in part, on EPIX' stock
price, with EPIX controlling the amount and timing of stock sold.
Acqua Wellington manages a family of funds targeted at investment opportunities
among mid-cap and small-cap companies in domestic and global equity markets. Its
primary focus is in the technology and life science sectors.
The funds raised in this financing will be used to further enhance EPIX'
development and discovery programs, as well as for general research and
corporate purposes. "We are making progress in the development of our second
product, a targeted contrast agent for imaging blood clots with MRI. Acquiring
this additional funding will allow us to expedite and expand this effort in
order to begin human testing as quickly as possible," said Michael D. Webb,
Chief Executive Officer.
EPIX is a specialty pharmaceutical company based in Cambridge, MA, engaged in
developing targeted contrast agents to transform the diagnosis and clinical
management of disease using MRI. The Company's principal product under
development, MS-325, is an investigational new drug designed to enhance MRI. To
receive EPIX Medical's latest news and other corporate developments, please
visit the EPIX Medical web site at WWW.EPIXMED.COM.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS BASED ON CURRENT
EXPECTATIONS OF THE COMPANY'S MANAGEMENT. SUCH STATEMENTS ARE SUBJECT TO RISKS
AND UNCERTAINTIES WHICH COULD
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CAUSE ACTUAL RESULTS TO DIFFER FROM THOSE PROJECTED, INCLUDING RISKS AND
UNCERTAINTIES RELATED TO THE CONDUCT OF, AND RESULTS OBTAINED FROM, OUR CLINICAL
TRIALS, OUR DEPENDENCE ON CORPORATE COLLABORATIONS, OUR ABILITY TO DEVELOP
MULTIPLE APPLICATIONS FOR OUR PRODUCTS AND TECHNOLOGIES, MARKET ACCEPTANCE OF
OUR PRODUCTS, REIMBURSEMENT POLICIES OF THIRD-PARTY PAYORS WITH RESPECT TO OUR
OWN PRODUCTS, COMPETITION AND TECHNOLOGICAL CHANGE.
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